{"id":158529,"date":"2023-09-19T14:16:48","date_gmt":"2023-09-19T08:46:48","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=158529"},"modified":"2023-09-19T14:16:48","modified_gmt":"2023-09-19T08:46:48","slug":"how-spiderchain-plans-to-build-ethereum-on-bitcoin-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/how-spiderchain-plans-to-build-ethereum-on-bitcoin-crypto-news\/","title":{"rendered":"How \u2018Spiderchain\u2019 Plans to Build Ethereum on Bitcoin – Crypto News"},"content":{"rendered":"
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Following weeks of debate about Bitcoin drivechains, a similar project to unlock the network\u2019s programming potential is picking up steam.<\/span><\/p>\n

On Monday, Jameson Lopp\u2014co-founder and CTO of mobile self-custody firm Casa\u2014published a <\/span>blog post<\/span><\/a> about \u201cSpiderchain,\u201d which he called \u201cyet another proposal for building 2-way pegged sidechains.\u201d<\/span><\/p>\n

A sidechain is a separate blockchain that is tied into the main Bitcoin network in some way. They typically use the same native currency\u2014BTC\u2014and may also leverage Bitcoin\u2019s security guarantees. <\/span>Sidechains let Bitcoiners access more features with their BTC that the main network can\u2019t always provide, such as scalability, programmability, and privacy.<\/span><\/p>\n

A prevailing difficulty with sidechains, however, is building a \u201c2-way peg\u201d allowing BTC to be safely transferred to the sidechain and back without requiring a centralized middleman.<\/span><\/p>\n

That\u2019s where the <\/span>Spiderchain<\/span><\/a>, developed by Botanix Labs, comes into play.\u00a0<\/span><\/p>\n

\u201cThe Spiderchain works as a Proof of Stake Layer 2 on Bitcoin,\u201d Willem Schro\u00e9, founder of Botanix Labs, told <\/span>Decrypt<\/span><\/i>. \u201cYou stake Bitcoin on Bitcoin in decentralized multisigs.\u201d<\/span>
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<\/span>Entities that manage decentralized multisigs are called \u201corchestrators,\u201d who run both a Bitcoin node and a Spiderchain node. With every request to move BTC to the Spiderchain, a new multisig is created that\u2019s controlled by a random subset of 100 participants within the staker set.<\/span><\/p>\n

In many ways, the Spiderchain operates much like Ethereum: it is Ethereum Virtual Machine-compatible, has 12-second block times, and uses a proof of stake consensus mechanism to secure the network, whereby orchestrator nodes must stake BTC to participate. <\/span><\/p>\n

Its EVM is also \u201cfully equivalent,\u201d meaning existing Ethereum dapps can be easily transferred over to the network by developers. But unlike Ethereum, Schro\u00e9 said that a malicious majority of orchestrators still cannot conspire to steal users\u2019 BTC.\u00a0<\/span><\/p>\n

\u201cThe design is possible on the current Bitcoin core, so no soft fork or upgrade is needed,\u201d noted Schro\u00e9. This sets Spiderchain apart from Paul Sztorc\u2019s <\/span>drivechain proposal<\/span><\/a>, which requires changing the Bitcoin code that users and miners are currently running.\u00a0 <\/span>
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<\/span>Drivechain was introduced as BIP 300 and BIP 301 back in 2015, and is still yet to be widely embraced for implementation by Bitcoiners. <\/span><\/p>\n

Drivechains effectively put control of pegged BTC into the hands of Bitcoin miners, but allow for any number of sidechains with any number of properties to be created. It also directly inherits Bitcoin\u2019s security through merge mining, which piggybacks on the main network\u2019s immense proof of work security.<\/span><\/p>\n

When asked about Spiderchains, Sztorc said they seem \u201cvery complex\u201d compared to his proposal.<\/span><\/p>\n

\u201cI also think that the whole “needs a change to Bitcoin” is pure superstition, unfortunately,\u201d he added. \u201cPeople think it means ‘<\/span>the network’ must upgrade, but really it is like asking users to install an app on their phone.\u201d<\/span>
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<\/span>In Lopp\u2019s Monday blog post, the CTO cited the nearly decade-old Rootstock<\/a> proposal, and pointed out some technical vulnerabilities with Spiderchain. Among them is the risk that its BTC peg is \u201cbroken\u201d if the main Bitcoin blockchain experiences a <\/span>reorg<\/span><\/a> of longer than five blocks, due to the system by which Spiderchain orchestrators are determined. <\/span>
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<\/span>\u201cIt would be unlikely to be catastrophic due to how the funds are dispersed across many multi-sig wallets,\u201d he noted. <\/span>
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<\/span>Schro\u00e9 also admitted that in the network\u2019s early stages, Spiderchain will be centralized until more users can come in to stake their BTC. \u201cWe need to start off centralized in the sense that initially we will have to make the staking permissioned,\u201d he said.<\/span><\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Following weeks of debate about Bitcoin drivechains, a similar project to unlock the network\u2019s programming potential is picking up steam. On Monday, Jameson Lopp\u2014co-founder and CTO of mobile self-custody firm Casa\u2014published a blog post about \u201cSpiderchain,\u201d which he called \u201cyet another proposal for building 2-way pegged sidechains.\u201d A sidechain is a separate blockchain that is […]<\/p>\n","protected":false},"author":2,"featured_media":158530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-158529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/158529","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=158529"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/158529\/revisions"}],"predecessor-version":[{"id":158532,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/158529\/revisions\/158532"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/158530"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=158529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=158529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=158529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}